Mumbai : As many as 6,000 business correspondents (BCs) are likely to join All India Bank Employees Association (AIBEA) soon, according to its general secretary.

Business correspondents, who are hired by Indian banks to meet their financial inclusion targets, are not being provided the right remuneration and perks despite putting in the same level of work as banking employees, said AIBEA, general secretary, CH Venkatachalam.

“We will soon have 6,000 BCs joining us,” Venkatachalam told Free Press Journal. “They do the same level of work as the banking employees. Why should they be paid less and differently. It is the same job. They should also be taken as employees.”

The Reserve Bank of India (RBI) allowed BC model in order to assist banks to extend banking services to every nook and corner of the country without the presence of physical branch.  BCs are being paid as low as Rs 5,000 per month. Banks have been increasingly reducing the commission that was given to them. With the public sector banks going for cost-cutting, these BCs have started to feel the pinch.

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Free Press Journal